November 11 (SeeNews) - Romanian aircraft construction and repair company Aerostar [BSE:ARS] said on Friday that its net profit rose 53% year-on-year to 73.9 million lei ($15 million/15.1 million euro) in the first nine months of 2022.
The results recorded in the reporting period reflect Aerostar's solid performance in the context of the complex geopolitical and economic environment, the company said in a report filed with the Bucharest Stock Exchange.
The company's turnover saw an annual increase of 30% during January-September, reaching 326.6 million lei.
Operating profit rose 38% on the year to 71 million lei, during the first nine months of 2022. The company's profit before tax increased by an annual 54% to 86.2 million lei during January-September.
Compared to the end of 2021, Aerostar's assets rose 9.8%, standing at 683.4 million lei at end-September.
In the first nine months of 2022, Aerostar made investments worth approximately 9 million lei, the report further showed.
Aerostar was established in 1953 and is specialised in repairing and upgrading military aircraft, producing light aircraft, hydraulic equipment for aviation and piston engines as well as electronics and other specialized equipment. The company exports its products to countries in Europe, Asia, North America and the Middle East. As of end-September 2022, Aerostar employed 1,805.
In August 2020, Aerostar was designated as provider of maintenance services for the F-16 fighter jets of Romanian Air Force.
Privately-owned Romanian defence group IAROM owns a stake of 71.48% in Aerostar, bourse data showed. Investment fund Evergent Investments owns 15.17%, while the rest is held by smaller-scale shareholders.
Its shares last traded at 7.65 lei on November 10, on the main market of the Bucharest Stock Exchange.
(1 euro=4.8902 lei)